Ed Boyd – Commodities and Global Markets
Ed Boyd – Commodities and Global Markets

Programmes and business groups

Commodities and Global Markets

Our Commodities and Global Markets group has over 2,600 employees in 24 markets who provide clients with an integrated, end-to-end offering across global markets including equities, fixed income, foreign exchange, commodities and technology, media and telecoms.

The platform has evolved over more than four decades to provide clients with access to markets, financing, financial hedging, research and market analysis, and physical execution. Commodities and Global Markets also delivers a diverse range of tailored finance solutions globally across a variety of industries and asset classes.

In our Commodities and Global Markets group you could be:

  • developing your knowledge of market dynamics
  • tailoring innovative products and solutions for clients
  • producing fundamental market analysis and research
  • engaging with clients.

Programme locations

London

Graduate programme

1 year, allocated to a team from August

Internship programme

Allocated to a team from June to August

Group highlights

Derivatives House of the Year1

Environmental Products Bank of the Year1

Oil and Products House of the Year1

No. 2 US physical gas marketer in North America2

$A6.7 billion asset finance portfolio3

Top Commodities and Top 3 Electricity General Clearing Member on SGX4

10.6 million meters provided for homes and businesses5

We currently have the following opportunities within our business:

Internship opportunities

Our Business Operational Risk Management team works within the business and supports with managing non-financial risk. The team gets involved in every aspect of the business to assist management to release its responsibility in areas such as new product approval, incident and issue investigation, and risk and control assessment.

As an Intern in our team, you’ll get involved in a wide range of deliverables and get visibility into a broad spectrum of activities within Commodities and Global Markets.

Our Central Risk team provides our businesses globally with pricing and risk management assistance, and an independent view on how risk is managed and represented in our trading systems.

As an Intern in our Central Risk team, you’ll work with our businesses to identify and manage risk in systems and processes, design tactical and strategic solutions to support our culture of risk-based decision making, and have the opportunity to evaluate the development of new products. You’ll also undertake thorough financial risk and P&L analysis for derivatives and structured products, and work on projects used by our trading businesses.

Our Fixed Income and Currencies (FIC) division provides currencies and fixed income trading and hedging services to a range of corporate and institutional clients globally. Our Cross Border Group is a dynamic and fast paced trading business. We make strategic trading decisions in our core markets, comprising of emerging market fixed income and liquid credit.

As an Intern, you will work closely with senior team members to implement our investment process across a diversified set of trading strategies. You will be involved in all aspects of the trade execution cycle, from idea generation to post trade risk management.

You’ll conduct in-depth fundamental research of sovereign and corporate entities, analyse developing global macro themes, interact with counterparties on live opportunities, and develop quantitative tools to drive business efficiency.

Our futures platform provides 24-hour execution, clearing, and financing solutions to our broad institutional and corporate client base. We are a multi asset futures broker with a global footprint and memberships on more than 50 exchanges. Our business has a strong reputation for technology, innovation, and bespoke client solutions. In the Execution team, you’ll learn to study market news and data releases, their impacts on the markets, and how we relay this to our clients. You will work alongside our experienced sales team, constructing trade ideas and strategies for our clients. You will learn about our execution platforms and Direct Market Access (DMA) offerings to provide the best execution services and spot opportunities. You will handle important project work as we look to expand our DMA platform.

You’ll play a key role in setting up new accounts and liaising with our onboarding and documentation teams to meet go-live deadlines. You will learn about front to back trade

management, from execution to clearing, and be responsible for ensuring a smooth and seamless process, being quick to resolve any issues that arise to minimise client impact and risk.

In the Sales team, you’ll learn about the futures clearing framework inclusive of client origination and pricing, day-to-day risk monitoring and the importance of client relationship management. You will get exposure to the innovative nature of our clearing offering across trade management, portfolio margining, financing and settlement. You will work closely with our back-office teams and relationship managers to see how this is achieved and maintained to meet individual client needs. You’ll also get insight into our proprietary clearing platform, client account set ups, and post trade offering.

Our Fund Finance team works with top tier alternative fund managers, specialising in large-scale innovative financing solutions.

You’ll be heavily involved in all aspects of our deals, helping us to produce bespoke transactions tailored to our clients’ individual circumstances in a fast-paced environment. Working closely with senior members of the team, you’ll engage with a range of business and client stakeholders.

We’re looking for an inquisitive mindset to analyse both qualitative and quantitative information, strong verbal communication skills, and a constructive manner to problem solving. You’ll be comfortable operating independently and in a global team environment.

Macquarie Energy, Resources and Sustainability (MERS) provides clients with tailored debt and equity solutions to grow their businesses. Our expertise and existing portfolio encompass utility assets (including smart meters, batteries and distributed generation) and mobility solutions (including electric vehicles, charging infrastructure and scalable hydrogen technologies).

In this role, you will gain experience in both financial modelling and analysis of live transactions, alongside understanding the management of the existing MERS portfolio. You will be a part of the Structuring and Execution team with insights into credit analysis, internal funding, interest rate risk, and management reporting.

Our Sustainable Waste Solutions (SWS) is a new business focused on innovative business models and technologies in the waste sector. SWS’s interests include the Internet of things (IoT), data analytics, source separation, waste processing and resource recovery, waste water, and commodity offtake management. SWS intends to take identified residual value, performance and technology risks in assets that other financing providers are unable to.

The business offers a range of financing solutions, including growth capital for new technology Original Equipment Manufacturers, as well as end-to-end financing and asset management solutions: from source separation through waste processing and commodity offtake.

In this role, you will gain experience in transaction structuring, financial modelling and stakeholder management. As part of the SWS team you will conduct research into waste markets and novel resource recovery technologies, prepare pitch materials for clients and analyse prospective transactions. Through this work you will gain insights into fundamental risk analysis, internal funding requirements, capital and regulatory considerations and legal documentation review and negotiation.

Our Telecoms, Media and Technology (TMT) team provides financial and operational solutions for Mobile Network Operators, Mobile Virtual Network Operators and Original Equipment

Manufacturers across EMEA. We look to increase the accessibility and affordability of technology assets to end customers. Our capabilities span the entire technology value chain and lifecycle and build on more than 20 years of experience as a technology equipment finance specialist.

In this role, you will gain first-hand experience in both financial modelling and analysis of live opportunities, alongside understanding the management of the existing TMT portfolio. You will be a part of the Structuring and Execution team with insights into pricing, structuring, credit analysis, market research, and management reporting.

Our Quantitative Investment Strategy business provides clients with access to algorithmic or systematic trading strategies across asset classes (Commodities, Equities, Fixed Income). Our team researches, designs, and sells strategies to institutional investors such as asset managers, pension funds and hedge funds globally. Our strong technology platform allows us to build sophisticated investable indices which can be customised to meet our clients’ needs.

As an Intern, you’ll use your analytical and communication skills to help generate and support client business and investment in our strategies. You will have the opportunity to seek out new business opportunities and view the investment process from a client perspective. You’ll work with our Structuring, Trading and Technology teams to learn about the process of creating a strategy, the nuances of investment across different asset classes, and how to present sometimes complex products to clients in one of the fastest growing areas of investment.

Our Quantitative Investment Strategy business provides clients with access to algorithmic or systematic trading strategies across asset classes (Commodities, Equities, Fixed Income). Our team researches, designs, and sells strategies to institutional investors such as asset managers, pension funds and hedge funds globally. Our strong technology platform allows us to build sophisticated investable indices which can be customised to meet our clients’ needs.

As an Intern, you’ll use your quantitative and analytical skills to support the traders in their activities, such as risk hedging, performance assessment, and reporting. You will work closely with the Strategy Structuring team to launch new strategies and integrate them in the trading execution infrastructure.

Our Quantitative Investment Strategy (QIS) business provides clients with access to algorithmic or systematic trading strategies across asset classes (Commodities, Equities, Fixed Income). Our team researches, designs, and sells strategies to institutional investors such as asset managers, pension funds and hedge funds globally. Our strong technology platform allows us to build sophisticated investable indices which can be customised to meet our clients’ needs.

As an Intern, you’ll gain hands-on experience researching systematic index/trading strategies. With a strong academic background in a quantitative subject and good programming skills (ideally in Python), you’ll get the opportunity to take the lead on building a new strategy and/or conducting in-depth analysis on the performance of a strategy under the guidance of senior team members. Tasks involved may include reviewing academic papers, gathering relevant data, coding up initial prototypes of the strategy in Python, presenting findings to the broader QIS team, preparing marketing materials, and liaising with various members of the QIS team.

Graduate opportunities

Our Business Operational Risk Management team works within the business and supports with managing non-financial risk. The team gets involved in every aspect of the business to assist management to release its responsibility in areas such as new product approval, incident and issue investigation, and risk and control assessment.

As a Graduate, you can expect to get involved in a wide range of deliverables and get visibility into a broad spectrum of activities within Commodities and Global Markets.

Our Commodities and Global Markets Group Data Office ensures that the group maintains data appropriately regarding completeness, quality and timeliness, as well as ensuring that the data is compliant with global regulations and internal policies.

As a Graduate, you’ll ensure that data produced is complete, accurate, valid, and relevant. You’ll communicate with stakeholders and manage any issues, analyse data, design resolutions and writing requirements, and coordinate implementation of system and process changes. Utilising your analytical skills and knowledge of financial markets data, you’ll complete periodic reporting tasks and review the current control framework to develop and implement robust controls. You’ll get to work with a variety of teams and businesses to ensure consistent data quality and appropriate data representation.

Meet some of our Graduates

Ed Boyd, Equity Derivatives and Trading

How does a Civil and Structural Engineering graduate end up in Equity Finance? Meet Ed Boyd whose Engineering degree took him to the trading floor. 

Natasha Feldman, Commodity Markets and Finance

Natasha Feldman’s graduate year has seen her learning more about how real-world events affect the price of energy. 

Kira Eaton – Commodities and Global Markets

"I started as an intern on the Fixed Income and Structured Finance desk within Fixed Income and Currencies in the Commodities and Global Markets group. I am now a full-time analyst with the team where we focus on lending warehouse lines, originating, structuring and distributing securitisations of mainly secured debt on a public and private basis. We also look at non-senior corporate debt and infrastructure/green debt opportunities."

“I work predominantly on the distribution side, responsible for distributing UK, European and Australian Residential Mortgage-Backed Securities and other ABS trades to investors. The team specialises in bringing first time issuers to the capital markets, and I have had the opportunity to work closely on a couple of these inaugural trades including Domivest’s and Belmont Green’s new issues.

“I have had access to clients early on and have helped to build out the client base. Given the dynamic nature of our team, there is a lot of variety to my role including working closely with the structurers and assisting with the day-to-day running of the warehouse lines. The flat structure at Macquarie also means that I learn from, and work directly with, very senior members of the team.

“I really enjoy the client interaction. I spend most days catching up with investors over the phone or at meetings to find out about their current investments and whether anything in our pipeline fits with their mandates. I cover a wide range of investors over different locations which also means I get to travel quite a bit for roadshow meetings and for conferences, and this is an aspect that I also really enjoy.”

  1. 2020 Energy Risk Awards.
  2. Platts Q2 – September 2020.
  3. At 30 September 2020 in the Specialised and Asset Finance division.
  4. Singapore Exchange, May 2020.
  5. At 31 March 2020, largest independent meter funder in UK, not part of a distribution network or vertically integrated utility.

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